Economics

Economics is an excellent course of study to pursue because it contributes to a broad liberal arts education and it can help students develop superior problem-solving skills — whether a student is in the work force or considering graduate work in business, law, engineering or the social sciences.

The economics major will familiarize students with the problems of a modern economy and the tools of analysis developed by economists. It emphasizes both the development of analytic models and their application to such real-world problems as inflation, unemployment, taxation, poverty, pollution, government decision-making and regulation.

Accounting terminology and theory form the base for all later knowledge in the financial services area. This course presents the highlights of basic and intermediate accounting. The goal is to enable students to evaluate accounting statements when making financial decisions, not to train professional accountants. The focus is on the principal financial statements (balance sheet, income statement, statement of cash flows, etc.) and core analytical tools.

The theoretical and practical aspects of investing in real estate, including investment strategies, types of real estate, forms of ownership, analysis of risk factors, leverage, effects of inflation, methods of valuation, analysis of financial statements, tax effects, special considerations for the small or first-time investor, how and when to buy, and knowing when to sell. No previous real estate training necessary.

This course examines transition and development in world economies experiencing unprecedented change. In the course we'll cover the main episodes and events in the development of the world economy in the past 300 years, split into two main parts. The first part will be about the development of the Western world, beginning at the time of the Malthusian era, moving on to the take-off of growth in the Industrial Revolution and the Great Divergence in living standards that followed, ending with the Golden Era of the 1950s and 1960s and the challenges faced at the start of the 21st century. The second main part of the course will cover the histories of other major regions — the Soviet Union, Asia, Latin America and Africa as they catch up, fall behind, and converge with the lead established by the West. This course will consider the economic history of "what" happened as well as touch on theories of "why" these events happened and "how" we can use these economic history lessons going forward. Prerequisites: U07 Econ 1011 and U07 Econ 1021.

Analysis of consumer demand for health care, medical technology, and the role of health insurance. Emphasis placed on behavior of the physician (whether he acts as an agent for the consumer or on his own behalf); on the use of paramedics, preventive care, outpatient care, and the general market organization of the health industry. The major concern will be the rising cost of health care and appropriate public policy responses. Prerequisite: Econ 1011.

The application of economics concepts and analysis to legal and public-policy issues. We broadly examine the roles of prices and markets, the causes of market failures and the criteria for "corrective" intervention. Specific topics include (1) the long-run and short-run economic interests of individual, corporate and public sector clients in a variety of legal contexts, (2) the normative judgments that are implicit in many economic policies and the legal structures implementing such policies; and (3) the uses and limits of economic analysis and economic data in solving a variety of social problems. Prerequisite: U07 Econ 1011.

Environmental economics is a subfield of economics concerned with environmental issues, both theoretical as well as applied and public-policy oriented. Central to environmental economics is the concept of market failure, particularly the existence of externalities. Correcting for externalities and crafting acceptable public policy responses will be a central focus of this course. Topics explored will include: consumer theory and valuation; pollution and production theory; environmental protection and welfare; the Coase Theorem; resource management; and economic growth and environmental sustainability. Prerequisite: Econ 1011.

Investment Chart Analysis, also known as "Technical Analysis," represents one of two major methods of analyzing securities (e.g., stocks, futures and commodities, foreign exchange, etc.), with the other method being "Fundamental Analysis." Technical Analysis involves studying the statistics generated as a result of market activity. In other words, we look at supply and demand in a market, with the goal of predicting what direction, or trend, will continue in the future. The purpose of this course is to present the basic skills used in Investment Chart Analysis. Topics covered will include: an overview (including the difference between "fundamental" and "technical" analysis), the definition of a chart, how to recognize and use trends, how to characterize indicators (i.e., of a change in trend) and how to use basic statistics (such as a moving average) as indicators of changes in trends. The course grade will reflect weekly homework assignments, a midterm exam and a final exam. Data, charts, modeling and back test analytic programming software included. Computer literacy required. Prerequisites: Econ 1011, Econ 1021, Math 205.

Classical theories of economics are the foundation of today's regional thinking, and they are the starting point of this course. Modern information technology in the form of Geographic Information Systems, Global Positioning Systems and mobile computing have combined to empower traditional theories with a penetrating pretense in application to contemporary public and private sector issues. New case-study material and hands-on learning practice sets drawn from spatial situations in logistics management, infrastructure design, operation and maintenance, Utilities and energy management, operations, and maintenance, resource allocation and optimization, transportation, disaster avoidance, management, and recovery, and marketing and distribution provide customized learning examples. Prerequisite: U07 Econ 1011 (or similar introduction to microeconomic principles).

Analytic theory of consumer and producer behavior under perfect and imperfect competition. Coverage of demand theory (indifference curves and utility functions) and preferences under uncertainty, including expected utility and risk aversion. Development of the concepts of competitive equilibrium and Pareto efficiency. Prerequisite: Econ 1011. (Calculus I recommended.)

Analysis of forces that determine the general level of prices, output, and employment; relationship between economic growth and business fluctuations; policies of achieving full employment and price stability. Prerequisite: Econ 1021. (Econ 1011 and Calculus I recommended.)